SB5553 provides a sales and use tax incentive for multifamily affordable housing in Washington.

SB5553 amends Washington law to provide a sales and use tax incentive for multifamily affordable housing. The bill aims to encourage the redevelopment of underutilized commercial property in targeted urban areas, increasing affordable housing and employment opportunities. Owners of underutilized commercial property or those constructing new multifamily housing can apply for a sales and use tax deferral if they commit to renting or selling at least 10 percent of the units as affordable housing to low-income households.

SB5553 provides a sales and use tax incentive for multifamily affordable housing in Washington.

SB5553 amends Washington law to provide a sales and use tax incentive for multifamily affordable housing. The bill aims to encourage the redevelopment of underutilized commercial property in targeted urban areas, increasing affordable housing and employment opportunities. Owners of underutilized commercial property or those constructing new multifamily housing can apply for a sales and use tax deferral if they commit to renting or selling at least 10 percent of the units as affordable housing to low-income households.